Resolution No 16-2024 - Related to Property Conveyance to McCormick Company Lathrop St.

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• • arch 299 : ;<t M (d) As the result of an amendment to the Inter- nal Revenue Code of 1954, as amended (or any subsequent federal tax law), or any amendment to the regulations thereunder, the interest on the Bonds becomes includible in the gross income, as defined in Section 61 of the Internal Revenue Code of 1954, as amended, of the holders (other than a substantial user of the Project as provided by Section 103(c)(7) thereof, or a related person as defined in Section 103(c)(6)(C) thereof). In case of any of the above events stated in subsection (a)aj (b) or (c) of this Section, the Lessee, if it exercises its,�option to purchase the Project, must purchase the Project within one year after such event. in the case of the event statedin subsection (d) of this Section., the Lessee must exercisef/swwuch option as promptly as possible: To exe cisa such option, the Lessee shall within 90 days following the, event authorizing the exercise of such op- tion, give written notice to the Lessor and to the Trustee, if any of the Bonds shall then be unpaid or provision for pay- ment shall not have been made in accordance with the provisions of the Indenture, and shall specify therein the date of closing such purchase, which date shall not be less than 45 nor more than 90 days from the date such notice is mailed, and in case of a redemption of the Bonds in accordance wiith the provisions of the Indenture shall make arrangements sat�s£actory to the Trustee for the giving of the required notice of redemption. The Purchase price payable by the Lesser in the event of its exercise of the option under the circumstances of (a), (b), (c) or (d) hereof shall be the respective sums set forth in Section 301 of the Indenture. In the event §f the exercise of the option granted in this Section and the purchase by the Lessee, any Net Proceeds of insurance or condemnation shall be paid to the Lessee. Section 11.3. Option to Purchase Unimaoved Land. -The Lessee shall have, and is hereby granted, the option to purchase any unimproved part of the Leased Land.(on which neither the Building nor any machinery or equipment of the Project is located but upon which transportation, parking or utility facilities may be located) at any time and from time to time at and for a pur- chase price equal to the cost thereof provided that it furnishes the Lessor with the following: (a) A notice in writing containing (i) an adequate legal description of that portion of the Leased Land with respect to which such option is to.be exercised, (ii) a statement that the Lessee intends- to exercise its option to purchase such portion of the teased Land on a date stated, which shall not be less than forty-five (45) nor more than ninety (90) days from! the date of such notice. XI-3